SBI Shinsei Bank is reported to be launching a service that rewards deposit customers with cryptocurrency exchange coupons based on their account balance.
According to according to a Nikkei report, customers will receive vouchers worth 20% of interest payments, in addition to yen-denominated interest. Coupons can be redeemed for Bitcoin (BTC), Ether (ETH), or XRP within a specified date.
To redeem the vouchers, customers would have to open an account with SBI’s cryptocurrency exchange, SBI VC Trade.
The rollout turns a conventional savings product into a cryptocurrency, potentially making digital assets available to mainstream bank customers without them having to make direct purchases.
According to reports, before the enduring rollout, SBI Shinsei will launch a three-month campaign from Wednesday covering regular deposits and fixed-term deposits for periods ranging from three months to five years.
SBI expands crypto to deposit, lending and investment products
The deposit voucher service follows several crypto moves by SBI Group as the financial conglomerate prepares for wider adoption of digital assets in Japan.
On March 18, SBI VC Trade launched its USDC retail lending service, allowing users to borrow the stablecoin on the platform under fixed-term contracts in exchange for repayment. The product takes the form of a loan to the exchange rather than a bank deposit, which means users take on direct counterparty risk.
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SBI is also expanding its position in the local cryptocurrency exchange market. On May 1, the group said it was considering acquiring a stake in trading platform Bitbank and making it a consolidated subsidiary, a month after SBI VC Trade acquired Bitpoint Japan.
The best cryptocurrency exchanges in Japan. Source: CoinGecko
The group’s securities department also prepares investment products in the field of cryptocurrencies. SBI Securities is reportedly planning to sell funds developed by SBI Global Asset Management, including mutual funds and ETFs focused on crypto assets such as BTC and ETH.
These moves show that the group is working to build access points to cryptocurrencies in regulated channels, from bank deposits and exchange services to securities products and stablecoin lending.
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